Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

FOR THE QUARTER ENDED MARCH 31, 2020

FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the negative impact of the coronavirus (COVID-19) global pandemic on the U.S., regional and global economies and our tenants' financial condition and results of operations, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, regulatory changes, including changes to tax laws and regulations, and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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TABLE OF CONTENTS

		Page
Company Profile		4
Research Coverage		5
Selected Financial Information
	Guidance	6
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations ("FFO")	11
	Funds Available for Distribution ("FAD")	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")	13
	Net Operating Income ("NOI")	14 - 15
	Same Store Results	16 - 17
	Consolidated Joint Ventures and Fund	18 - 19
	Unconsolidated Joint Ventures	20 - 23
	Capital Structure	24
	Debt Analysis	25
	Debt Maturities	26
Selected Property Data
	Portfolio Summary	27
	Same Store Leased Occupancy	28
	Top Tenants and Industry Diversification	29
	Leasing Activity	30
	Lease Expirations	31 - 34
	Cash Basis Capital Expenditures	35
Definitions		36 - 37

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COMPANY PROFILE

Paramount Group, Inc. ("Paramount") or (the "Company") is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

EXECUTIVE MANAGEMENT

Albert Behler	Chairman, Chief Executive Officer and President
Wilbur Paes	Executive Vice President, Chief Financial Officer and Treasurer
Peter Brindley	Executive Vice President, Leasing
David Zobel	Executive Vice President, Head of Acquisitions

BOARD OF DIRECTORS

Albert Behler	Director, Chairman of the Board
Thomas Armbrust	Director
Martin Bussmann	Director
Colin Dyer	Director
Dan Emmett	Director, Chair of Nominating and Corporate Governance Committee; Lead Independent Director
Lizanne Galbreath	Director, Chair of Compensation Committee
Karin Klein	Director
Peter Linneman	Director, Chair of Audit Committee
Katharina Otto-Bernstein	Director
Mark Patterson	Director

COMPANY INFORMATION

Corporate Headquarters	Investor Relations	Stock Exchange Listing	Trading Symbol
1633 Broadway, Suite 1801	IR@paramount-group.com	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

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RESEARCH COVERAGE ⁽¹⁾

James Feldman	Thomas Catherwood	Derek Johnston	Steve Sakwa
Bank of America Merrill Lynch	BTIG	Deutsche Bank	Evercore ISI
(646) 855-5808	(212) 738-6140	(904) 520-4973	(212) 446-9462
james.feldman@baml.com	tcatherwood@btig.com	derek.johnston@db.com	steve.sakwa@evercoreisi.com
Richard Skidmore	Daniel Ismail	Omotayo Okusanya	Vikram Malhotra
Goldman Sachs	Green Street Advisors	Mizuho Securities USA Inc.	Morgan Stanley
(801) 741-5459	(949) 640-8780	(646) 949-9672	(212) 761-7064
richard.skidmore@gs.com	dismail@greenst.com	omotayo.okusanya@mizuhogroup.com	vikram.malhotra@morganstanley.com
Blaine Heck
Wells Fargo
(443) 263-6529
blaine.heck@wellsfargo.com

⁽¹⁾ With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by such analysts do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference above, imply its endorsement of or concurrence with any information, conclusions or recommendations made by any such analysts.

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GUIDANCE

The Company had previously provided its 2020 guidance on February 12, 2020, prior to the coronavirus (COVID-19) global pandemic, which has materially impacted the U.S. and global economy. Given the economic uncertainty and rapidly-evolving circumstances related to the COVID-19 pandemic, the Company is withdrawing its previously issued 2020 guidance and is not providing an updated outlook at this time. The Company will discuss the first quarter results and provide commentary on its business performance during its first quarter conference call.

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FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)

			Three Months Ended
SELECTED FINANCIAL DATA			March 31, 2020		March 31, 2019		December 31, 2019
	Net income (loss) attributable to common stockholders:
		Continuing operations	$	1,968	$	1,809	$	(13,158	)
		Discontinued operations		1,380		1,900		(36,987	)
	Net income (loss) attributable to common shareholders		$	3,348	$	3,709	$	(50,145	)
	Net income (loss) per share - basic and diluted:
		Per share from continuing operations	$	0.01	$	0.01	$	(0.06	)
		Per share from discontinued operations		0.00		0.01		(0.16	)
	Net income (loss) per share - basic and diluted		$	0.01	$	0.02	$	(0.22	)
	Core FFO attributable to common stockholders (1)		$	61,509	$	57,113	$	58,272
		Per share - diluted	$	0.27	$	0.24	$	0.26
	PGRE's share of Cash NOI (1)		$	98,529	$	93,069	$	95,755
	PGRE's share of NOI (1)		$	110,557	$	104,943	$	107,716

Same Store Cash NOI (1)		% Change			Same Store NOI (1)	% Change
	Three Months Ended March 31, 2020 vs. March 31, 2019		4.3	%	Three Months Ended March 31, 2020 vs. March 31, 2019		1.5	%

PORTFOLIO STATISTICS (at PGRE Share)

	As of
	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Leased % (1)		95.9	%		95.9	%		96.5	%		96.7	%	96.0%

Same Store Leased % (1)		% Change			Same Store Leased % (1)	% Change
	March 31, 2020 vs. December 31, 2019		0.0	%	March 31, 2020 vs. March 31, 2019		(0.1	%)

COMMON SHARE DATA

		Three Months Ended
Share Price:		March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
	High	$	15.00		$	13.99		$	14.42		$	15.11		$                 15.03
	Low	$	6.42		$	12.65		$	12.77		$	13.53		$                 12.18
	Closing (end of period)	$	8.80		$	13.92		$	13.35		$	14.01		$                 14.19
Dividends per common share		$	0.10		$	0.10		$	0.10		$	0.10		$                   0.10
Annualized dividends per common share		$	0.40		$	0.40		$	0.40		$	0.40		$                   0.40
Dividend yield (on closing share price)			4.5	%		2.9	%		3.0	%		2.9	%	2.8%

⁽¹⁾ See page 36 for our definition of this measure.

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CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

			March 31, 2020			December 31, 2019
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		5,948,631			5,923,648
				7,914,868			7,889,885
		Accumulated depreciation and amortization		(832,164	)		(790,216	)
	Real estate, net			7,082,704			7,099,669
	Cash and cash equivalents			377,689			306,215
	Restricted cash			20,563			25,272
	Investments in unconsolidated joint ventures			429,358			449,180
	Investments in unconsolidated real estate funds			13,116			10,317
	Accounts and other receivables, net			17,826			19,231
	Due from affiliates			-			36,918
	Deferred rent receivable			312,249			301,588
	Deferred charges, net			124,908			126,367
	Intangible assets, net			191,183			203,169
	Assets related to discontinued operations			104,028			104,836
	Other assets			80,632			51,373
Total assets			$	8,754,256		$	8,734,135
Liabilities:
	Notes and mortgages payable, net		$	3,788,684		$	3,783,851
	Revolving credit facility			200,000			36,918
	Accounts payable and accrued expenses			109,563			117,356
	Dividends and distributions payable			24,342			25,255
	Intangible liabilities, net			69,752			73,789
	Other liabilities			54,723			66,004
Total liabilities				4,247,064			4,103,173
Equity:
	Paramount Group, Inc. equity			3,722,261			3,785,730
	Noncontrolling interests in:
		Consolidated joint ventures		359,120			360,778
		Consolidated real estate fund		80,476			72,396
		Operating Partnership		345,335			412,058
Total equity				4,507,192			4,630,962
Total liabilities and equity			$	8,754,256		$	8,734,135

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CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)

		Three Months Ended
		March 31, 2020			March 31, 2019			December 31, 2019
Revenues:
	Rental revenue (1)	$	175,425		$	175,341		$	179,008
	Fee and other income (1)		8,561			9,048			7,761
Total revenues			183,986			184,389			186,769
Expenses:
	Operating		67,014			65,461			65,659
	Depreciation and amortization		58,427			60,712			58,419
	General and administrative (1)		12,249			17,443			17,099
	Transaction related costs		203			736			295
Total expenses			137,893			144,352			141,472
Other income (expense):
	Loss from unconsolidated joint ventures		(4,221	)		(1,027	)		(1,891	)
	Income (loss) from unconsolidated real estate funds		52			46			(614	)
	Interest and other (loss) income, net (1)		(996	)		3,900			2,139
	Interest and debt expense (1)		(36,619	)		(36,924	)		(45,217	)
	Loss on early extinguishment of debt		-			-			(11,989	)
Income (loss) from continuing operations, before income taxes			4,309			6,032			(12,275	)
	Income tax (expense) benefit		(604	)		(1,138	)		511
Income (loss) from continuing operations, net			3,705			4,894			(11,764	)
Income (loss) from discontinued operations, net			1,521			2,106			(41,013	)
Net income (loss)			5,226			7,000			(52,777	)
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(1,514	)		(2,794	)		(2,769	)
	Consolidated real estate fund		(23	)		(94	)		(57	)
	Operating Partnership		(341	)		(403	)		5,458
Net income (loss) attributable to common stockholders		$	3,348		$	3,709		$	(50,145	)
Net income (loss) per diluted share:
	Income (loss) from continuing operations, net	$	0.01		$	0.01		$	(0.06	)
	Income (loss) from discontinued operations, net		0.00			0.01			(0.16	)
Net income (loss) per diluted share		$	0.01		$	0.02		$	(0.22	)

⁽¹⁾ See page 10 for details.

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SELECT INCOME STATEMENT DATA

(unaudited and in thousands)

		Three Months Ended
Rental Revenue:		March 31, 2020		March 31, 2019		December 31, 2019
	Property rentals	$	149,138	$	146,192	$	150,571
	Tenant reimbursements		14,049		13,265		14,830
	Straight-line rent adjustments		10,695		11,669		10,357
	Amortization of above and below-market leases, net		1,543		3,296		2,483
	Lease termination income		-		919		767
Total rental revenue		$	175,425	$	175,341	$	179,008

			Three Months Ended
Fee and Other Income:			March 31, 2020		March 31, 2019		December 31, 2019
	Property management		$	2,450	$	1,642	$	1,919
	Asset management			3,521		2,318		3,169
	Acquisition and disposition			-		1,331		-
	Other			359		708		285
	Total fee income			6,330		5,999		5,373
	Other (primarily parking income and tenant requested
		services, including overtime heating and cooling)		2,231		3,049		2,388
Total fee and other income			$	8,561	$	9,048	$	7,761

			Three Months Ended
General and Administrative:			March 31, 2020			March 31, 2019		December 31, 2019
	Cash general and administrative		$	8,836		$	7,772	$	11,253
	Non-cash general and administrative - stock-based compensation expense			5,397			7,602		5,001
	Mark-to-market of deferred compensation plan liabilities (offset by an
		increase in the mark-to-market of plan assets, which is included
		in "interest and other (loss) income, net")		(1,984	)		2,069		845
Total general and administrative			$	12,249		$	17,443	$	17,099

			Three Months Ended
Interest and Other (Loss) Income, net:			March 31, 2020			March 31, 2019		December 31, 2019
	Interest income, net		$	988		$	1,377	$	1,294
	Mark-to-market of deferred compensation plan assets (offset by an
		increase in the mark-to-market of plan liabilities, which is included
		in "general and administrative" expenses)		(1,984	)		2,069		845
	Preferred equity investment income (1)			-			454		-
Total interest and other (loss) income, net			$	(996	)	$	3,900	$	2,139

⁽¹⁾  Represents 100% of the investment income from PGRESS Equity Holdings, L.P., of which our 24.4% share is $111 for the three months ended March 31, 2019. On March 1, 2019, our

only remaining preferred equity investment was redeemed.

		Three Months Ended
Interest and Debt Expense:		March 31, 2020		March 31, 2019		December 31, 2019
	Interest expense	$	34,301	$	34,123	$	34,344
	Amortization of deferred financing costs		2,318		2,801		10,873	(1)
Total interest and debt expense		$	36,619	$	36,924	$	45,217

⁽¹⁾  Includes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019.

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FFO

(unaudited and in thousands, except share and per share amounts)

				Three Months Ended
				March 31, 2020			March 31, 2019			December 31, 2019
Reconciliation of net income (loss) to FFO and Core FFO:
	Net income (loss)			$	5,226		$	7,000		$	(52,777	)
	Real estate depreciation and amortization (including our share
		of unconsolidated joint ventures)			70,940			63,688			65,368
	Adjustments related to discontinued operations				690			2,377			1,156
	Real estate impairment loss related to discontinued operations				-			-			42,000
	FFO (1)				76,856			73,065			55,747
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures			(8,969	)		(11,748	)		(11,360	)
		Consolidated real estate fund			(23	)		(94	)		(57	)
	FFO attributable to Paramount Group Operating Partnership				67,864			61,223			44,330
	Less FFO attributable to noncontrolling interests in Operating Partnership				(6,278	)		(5,998	)		(4,352	)
	FFO attributable to common stockholders (1)			$	61,586		$	55,225		$	39,978
	Per diluted share			$	0.27		$	0.24		$	0.18
	FFO			$	76,856		$	73,065		$	55,747
	Non-core items:
		Our share of earnings in excess of distributions received and
			(distributions received from 712 Fifth Avenue in excess of earnings)		(388	)		1,270			(1,001	)
		Loss on early extinguishment of debt			-			-			11,989
		Non-cash write-off of deferred financing costs			-			-			8,215
		Other, net			303			823			1,083
	Core FFO (1)				76,771			75,158			76,033
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures			(8,969	)		(11,748	)		(11,360	)
		Consolidated real estate fund			(23	)		(94	)		(57	)
	Core FFO attributable to Paramount Group Operating Partnership				67,779			63,316			64,616
	Less Core FFO attributable to noncontrolling interests in Operating Partnership				(6,270	)		(6,203	)		(6,344	)
	Core FFO attributable to common stockholders (1)			$	61,509		$	57,113		$	58,272
	Per diluted share			$	0.27		$	0.24		$	0.26
Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding				227,769,213			233,419,299			227,276,459
	Effect of dilutive securities				35,963			39,139			50,071
	Denominator for FFO and Core FFO per diluted share				227,805,176			233,458,438			227,326,530

⁽¹⁾ See page 36 for our definition of this measure.

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FAD

(unaudited and in thousands)

				Three Months Ended
				March 31, 2020			March 31, 2019			December 31, 2019
Reconciliation of Core FFO to FAD:
	Core FFO			$	76,771		$	75,158		$	76,033
	Add (subtract) adjustments to arrive at FAD:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		(11,804	)		(11,869	)		(11,218	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(2,832	)		(3,240	)		(3,141	)
		Amortization of deferred financing costs (including our share
			of unconsolidated joint ventures)		2,630			2,926			2,843		(3)
		Amortization of stock-based compensation expense			5,397			7,602			5,001
		Expenditures to maintain assets			(4,709	)		(3,382	)		(8,408	)
		Second generation tenant improvements and leasing commissions			(23,933	)		(15,435	)		(24,697	)
		Adjustments related to discontinued operations			119			(113	)		111
	FAD (1)				41,639			51,647			36,524
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(2,773	)		(6,533	)		(6,756	)
		Consolidated real estate fund			(23	)		(94	)		(57	)
	FAD attributable to Paramount Group Operating Partnership				38,843			45,020			29,711
	Less FAD attributable to noncontrolling interests in Operating Partnership				(3,593	)		(4,410	)		(2,917	)
	FAD attributable to common stockholders (1) (2)			$	35,250		$	40,610		$	26,794
	Dividends declared on common stock			$	22,246		$	23,448		$	22,743

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ FAD attributable to common stockholders is not necessarily indicative of future FAD amounts due to fluctuations in the timing of payments for tenant improvements and leasing commissions versus rents received from leases for which such costs are incurred.

⁽³⁾ Excludes $8,215 of expense from the non-cash write-off of deferred financing costs in connection with the $1.25 billion refinancing of 1633 Broadway in November 2019.

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EBITDAre

(unaudited and in thousands)

				Three Months Ended
				March 31, 2020			March 31, 2019			December 31, 2019
Reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre:
	Net income (loss)			$	5,226		$	7,000		$	(52,777	)
	Add (subtract) adjustments to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization (including our share
			of unconsolidated joint ventures)		70,940			63,688			65,368
		Interest and debt expense (including our share
			of unconsolidated joint ventures)		42,121			39,166			49,072
		Income tax expense (benefit) (including our share
			of unconsolidated joint ventures)		618			1,139			(509	)
		Adjustments related to discontinued operations			690			2,377			1,156
		Real estate impairment loss related to discontinued operations			-			-			42,000
	EBITDAre (1)				119,595			113,370			104,310
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(15,793	)		(18,329	)		(18,199	)
		Consolidated real estate fund			(131	)		(98	)		(53	)
	PGRE's share of EBITDAre (1)			$	103,671		$	94,943		$	86,058
	EBITDAre			$	119,595		$	113,370		$	104,310
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Our share of earnings in excess of distributions
			and (distributions from 712 Fifth Avenue in excess of earnings)		(388	)		1,270			(1,001	)
		Loss on early extinguishment of debt			-			-			11,989
		Other, net			29			634			878
	Adjusted EBITDAre (1)				119,236			115,274			116,176
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures			(15,793	)		(18,329	)		(18,195	)
	PGRE's share of Adjusted EBITDAre (1)			$	103,443		$	96,945		$	97,981

⁽¹⁾ See page 36 for our definition of this measure.

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NOI

(unaudited and in thousands)

				Three Months Ended
				March 31, 2020			March 31, 2019			December 31, 2019
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	5,226		$	7,000		$	(52,777	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			58,427			60,712			58,419
		General and administrative			12,249			17,443			17,099
		Interest and debt expense			36,619			36,924			45,217
		Loss on early extinguishment of debt			-			-			11,989
		Income tax expense (benefit)			604			1,138			(511	)
		NOI from unconsolidated joint ventures			13,392			5,411			7,840
		Fee income			(6,330	)		(5,999	)		(5,373	)
		Interest and other loss (income), net			996			(3,900	)		(2,139	)
		Adjustments related to discontinued operations			690			2,377			1,156
		Real estate impairment loss related to discontinued operations			-			-			42,000
		Other, net			4,372			1,717			2,800
	NOI (1)				126,245			122,823			125,720
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(15,691	)		(17,909	)		(18,107	)
		Consolidated real estate fund			3			29			103
	PGRE's share of NOI (1)			$	110,557		$	104,943		$	107,716
	NOI			$	126,245		$	122,823		$	125,720
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		(11,804	)		(11,869	)		(11,218	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(2,832	)		(3,240	)		(3,141	)
		Adjustments related to discontinued operations			119			111			132
	Cash NOI (1)				111,728			107,825			111,493
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(13,202	)		(14,785	)		(15,841	)
		Consolidated real estate fund			3			29			103
	PGRE's share of Cash NOI (1)			$	98,529		$	93,069		$	95,755

⁽¹⁾ See page 36 for our definition of this measure.

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NOI

(unaudited and in thousands)

				Three Months Ended March 31, 2020
				Total			New York			San Francisco			Other
Reconciliation of net income (loss) to NOI and Cash NOI:
	Net income (loss)			$	5,226		$	9,715		$	5,905		$	(10,394	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			58,427			40,019			17,327			1,081
		General and administrative			12,249			-			-			12,249
		Interest and debt expense			36,619			22,732			12,562			1,325
		Income tax expense (benefit)			604			-			(7	)		611
		NOI from unconsolidated joint ventures			13,392			2,944			10,382			66
		Fee income			(6,330	)		-			-			(6,330	)
		Interest and other loss (income), net			996			-			(187	)		1,183
		Adjustments related to discontinued operations			690			-			-			690
		Other, net			4,372			82			4,148			142
	NOI (1)				126,245			75,492			50,130			623
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(15,691	)		-			(15,691	)		-
		Consolidated real estate fund			3			-			-			3
	PGRE's share of NOI for the three months ended March 31, 2020			$	110,557		$	75,492		$	34,439		$	626
	PGRE's share of NOI for the three months ended March 31, 2019			$	104,943		$	77,650		$	23,629		$	3,664
	NOI			$	126,245		$	75,492		$	50,130		$	623
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share
			of unconsolidated joint ventures)		(11,804	)		(6,410	)		(5,475	)		81
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(2,832	)		388			(3,220	)		-
		Adjustments related to discontinued operations			119			-			-			119
	Cash NOI (1)				111,728			69,470			41,435			823
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(13,202	)		-			(13,202	)		-
		Consolidated real estate fund			3			-			-			3
	PGRE's share of Cash NOI for the three months ended March 31, 2020			$	98,529		$	69,470		$	28,233		$	826
	PGRE's share of Cash NOI for the three months ended March 31, 2019			$	93,069		$	68,801		$	20,426		$	3,842

⁽¹⁾ See page 36 for our definition of this measure.

- 15 -

SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE CASH NOI (1)			Three Months Ended March 31, 2020
			Total			New York			San Francisco			Other
	PGRE's share of Cash NOI for the three months ended March 31, 2020		$	98,529		$	69,470		$	28,233		$	826
		Acquisitions (2)		(6,806	)		-			(6,806	)		-
		Dispositions / Discontinued Operations (3)		(2,330	)		-			-			(2,330	)
		Lease termination income and other, net		1,421			(76	)		(7	)		1,504
	PGRE's share of Same Store Cash NOI for the three months ended March 31, 2020		$	90,814		$	69,394		$	21,420		$	-

		Three Months Ended March 31, 2019
		Total			New York			San Francisco		Other
PGRE's share of Cash NOI for the three months ended March 31, 2019		$	93,069		$	68,801		$	20,426	$	3,842
	Acquisitions		-			-			-		-
	Dispositions / Discontinued Operations (3)		(4,594	)		-			-		(4,594	)
	Lease termination income and other, net		(1,409	)		(2,161	)		-		752
PGRE's share of Same Store Cash NOI for the three months ended March 31, 2019		$	87,066		$	66,640		$	20,426	$	-

Increase in PGRE's share of Same Store Cash NOI	$	3,748		$	2,754		$	994		$	-
% Increase		4.3	%		4.1	%		4.9	%

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ Represents our share of Cash NOI attributable to acquired properties (Market Center, 55 Second Street, and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods.

⁽³⁾ Represents Cash NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).

- 16 -

SAME STORE RESULTS

(unaudited and in thousands)

SAME STORE NOI (1)			Three Months Ended March 31, 2020
			Total			New York			San Francisco			Other
	PGRE's share of NOI for the three months ended March 31, 2020		$	110,557		$	75,492		$	34,439		$	626
		Acquisitions (2)		(9,292	)		-			(9,292	)		-
		Dispositions / Discontinued Operations (3)		(2,211	)		-			-			(2,211	)
		Lease termination income and other, net		1,502			(76	)		(7	)		1,585
	PGRE's share of Same Store NOI for the three months ended March 31, 2020		$	100,556		$	75,416		$	25,140		$	-

		Three Months Ended March 31, 2019
		Total			New York			San Francisco		Other
PGRE's share of NOI for the three months ended March 31, 2019		$	104,943		$	77,650		$	23,629	$	3,664
	Acquisitions		-			-			-		-
	Dispositions / Discontinued Operations (3)		(4,483	)		-			-		(4,483	)
	Lease termination income and other, net		(1,342	)		(2,161	)		-		819
PGRE's share of Same Store NOI for the three months ended March 31, 2019		$	99,118		$	75,489		$	23,629	$	-

Increase (decrease) in PGRE's share of Same Store NOI	$	1,438		$	(73	)	$	1,511		$	-
% Increase (decrease)		1.5	%		(0.1	%)		6.4	%

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ Represents our share of NOI attributable to acquired properties (Market Center, 55 Second Street and 111 Sutter Street in San Francisco) for the months in which they were not owned by us in both reporting periods.

⁽³⁾ Represents NOI from discontinued operations (1899 Pennsylvania Avenue in 2020 and 1899 Pennsylvania Avenue and Liberty Place in 2019).

- 17 -

CONSOLIDATED JOINT VENTURES AND FUND - BALANCE SHEETS

(unaudited and in thousands)

		As of March 31, 2020										As of December 31, 2019
										Consolidated										Consolidated
		Consolidated Joint Ventures								Fund		Consolidated Joint Ventures								Fund
		Total										Total
		Consolidated		One		300				Residential		Consolidated		One		300				Residential
		Joint		Market		Mission				Development		Joint		Market		Mission				Development
		Ventures		Plaza		Street		Other (1)		Fund		Ventures		Plaza		Street		Other (1)		Fund
PGRE Ownership				49.0%		31.1%		Various		7.4%				49.0%		31.1%		Various		7.4%
Assets:
	Real estate, net	$	1,681,036	$	1,199,461	$	481,575	$	-	$	-	$	1,685,391	$	1,203,232	$	482,159	$	-	$	-
	Cash and cash equivalents		71,025		49,101		21,021		903		2,184		64,172		46,601		16,668		903		2,258
	Restricted cash		1,305		1,305		-		-		-		3,398		3,398		-		-		-
	Investments in unconsolidated    joint ventures		-		-		-		-		69,533		-		-		-		-		69,535
	Accounts and other receivables, net		3,471		1,129		2,342		-		166		2,015		1,085		930		-		125
	Deferred rent receivable		60,416		49,085		11,331		-		-		57,338		46,901		10,437		-		-
	Deferred charges, net		25,245		14,602		10,643		-		-		24,030		13,330		10,700		-		-
	Intangible assets, net		27,553		20,299		7,254		-		-		29,872		21,943		7,929		-		-
	Other assets		4,347		4,279		68		-		15,693		5,386		4,937		449		-		15,746
Total Assets		$	1,874,398	$	1,339,261	$	534,234	$	903	$	87,576	$	1,871,602	$	1,341,427	$	529,272	$	903	$	87,664
Liabilities:
	Notes and mortgages payable, net	$	1,208,656	$	970,940	$	237,716	$	-	$	-	$	1,205,324	$	970,681	$	234,643	$	-	$	-
	Accounts payable and    accrued expenses		39,100		26,481		12,563		56		65		35,191		26,165		8,971		55		61
	Intangible liabilities, net		18,110		16,770		1,340		-		-		19,841		18,405		1,436		-		-
	Other liabilities		4,290		4,287		3		-		-		4,273		4,270		3		-		8,774
Total Liabilities			1,270,156		1,018,478		251,622		56		65		1,264,629		1,019,521		245,053		55		8,835
Equity:
	Paramount Group, Inc. equity		245,122		157,251		87,146		725		7,035		246,195		157,801		87,669		725		6,433
	Noncontrolling interests		359,120		163,532		195,466		122		80,476		360,778		164,105		196,550		123		72,396
Total Equity			604,242		320,783		282,612		847		87,511		606,973		321,906		284,219		848		78,829
Total Liabilities and Equity		$	1,874,398	$	1,339,261	$	534,234	$	903	$	87,576	$	1,871,602	$	1,341,427	$	529,272	$	903	$	87,664

⁽¹⁾ Represents PGRESS Equity Holdings, L.P.

- 18 -

CONSOLIDATED JOINT VENTURES AND FUND – OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2020												Three Months Ended March 31, 2019
											Consolidated															Consolidated
		Consolidated Joint Ventures									Fund			Consolidated Joint Ventures												Fund
		Total												Total
		Consolidated			One			300			Residential			Consolidated			One			300						Residential
		Joint			Market			Mission			Development			Joint			Market			Mission						Development
		Ventures			Plaza			Street			Fund			Ventures			Plaza			Street			Other (2)		Fund
Total revenues		$	43,052		$	35,492		$	7,560		$	-		$	45,657		$	33,879		$	11,778		$	-		$	-
Total operating expenses			12,680			9,473			3,207			2			12,439			9,013			3,426			-			18
Net operating income (loss) (1)			30,372			26,019			4,353			(2	)		33,218			24,866			8,352			-			(18	)
Depreciation and amortization			(13,556	)		(10,535	)		(3,021	)		-			(15,761	)		(10,641	)		(5,120	)		-			-
Interest and other income, net			187			152			35			125			588			81			53			454			89
Interest and debt expense			(12,562	)		(10,194	)		(2,368	)		(141	)		(12,166	)		(10,085	)		(2,081	)		-			-
Loss from unconsolidated joint ventures			-			-			-			(1	)		-			-			-			-			(15	)
Net income (loss) before income taxes			4,441			5,442			(1,001	)		(19	)		5,879			4,221			1,204			454			56
Income tax benefit (expense)			10			(1	)		11			(2	)		(6	)		(3	)		(3	)		-			(4	)
Net income (loss)		$	4,451		$	5,441		$	(990	)	$	(21	)	$	5,873		$	4,218		$	1,201		$	454		$	52
PGRE's share
Ownership		Total			49.0%			31.1%			7.4%			Total			49.0%			31.1%			Various			7.4%
	Net income (loss)	$	2,335		$	2,666		$	(331	)	$	(44	)	$	2,534		$	2,067		$	356		$	111		$	(42	)
	Add: Management fee income		602			177			425			-			545			189			356			-			-
	PGRE's share of net income (loss)		2,937			2,843			94			(44	)		3,079			2,256			712			111			(42	)
	Add: Real estate depreciation    and amortization		6,101			5,162			939			-			6,807			5,214			1,593			-			-
	FFO/Core FFO (1)	$	9,038		$	8,005		$	1,033		$	(44	)	$	9,886		$	7,470		$	2,305		$	111		$	(42	)
Noncontrolling interests' share
Ownership		Total			51.0%			68.9%			92.6%			Total			51.0%			68.9%			Various			92.6%
	Net income (loss)	$	2,116		$	2,775		$	(659	)	$	23		$	3,339		$	2,151		$	845		$	343		$	94
	Less: Management fee expense		(602	)		(177	)		(425	)		-			(545	)		(189	)		(356	)		-			-
	Net income (loss) attributable to    noncontrolling interests		1,514			2,598			(1,084	)		23			2,794			1,962			489			343			94
	Add: Real estate depreciation    and amortization		7,455			5,373			2,082			-			8,954			5,427			3,527			-			-
	FFO/Core FFO (1)	$	8,969		$	7,971		$	998		$	23		$	11,748		$	7,389		$	4,016		$	343		$	94

(1) See page 36 for our definition of these measures.

(2) Represents PGRESS Equity Holdings, L.P.

- 19 -

UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of March 31, 2020
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street		Other (1)
PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,311,751	$	207,571		$	669,507	$	384,078	$	217,148	$	833,447
	Cash and cash equivalents		74,750		27,265			17,648		9,023		2,425		18,389
	Restricted cash		5,571		2,224			-		-		3,347		-
	Accounts and other receivables, net		2,133		705			506		419		473		30
	Deferred rent receivable		20,104		14,443			1,715		1,177		1,759		1,010
	Deferred charges, net		10,406		7,645			677		561		1,523		-
	Intangible assets, net		155,881		-			55,372		29,171		9,635		61,703
	Other assets		6,138		3,994			713		39		62		1,330
Total Assets		$	2,586,734	$	263,847		$	746,138	$	424,468	$	236,372	$	915,909
Liabilities:
	Notes and mortgages payable, net	$	1,615,821	$	297,056		$	397,627	$	186,473	$	144,152	$	590,513
	Accounts payable and accrued expenses		37,104		6,589			12,542		5,645		4,935		7,393
	Intangible liabilities, net		35,672		-			12,943		18,595		4,134		-
	Other liabilities		23,830		272			21,503		4		220		1,831
Total Liabilities			1,712,427		303,917			444,615		210,717		153,441		599,737
Total Equity			874,307		(40,070	)		301,523		213,751		82,931		316,172
Total Liabilities and Equity		$	2,586,734	$	263,847		$	746,138	$	424,468	$	236,372	$	915,909

⁽¹⁾ Represents 60 Wall and Oder-Center, Germany.

- 20 -

UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)

		As of December 31, 2019
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street		Other (1)
PGRE Ownership				50.0%			67.0%		44.1%		49.0%		Various
Assets:
	Real estate, net	$	2,318,866	$	206,913		$	671,276	$	385,614	$	216,936	$	838,127
	Cash and cash equivalents		68,962		31,216			9,934		7,254		1,866		18,692
	Restricted cash		5,755		2,224			-		-		3,531		-
	Accounts and other receivables, net		3,036		1,611			684		280		461		-
	Deferred rent receivable		18,296		14,711			416		917		1,127		1,125
	Deferred charges, net		10,074		7,703			250		561		1,560		-
	Intangible assets, net		172,041		-			61,061		30,996		11,090		68,894
	Other assets		2,601		158			1,632		189		81		541
Total Assets		$	2,599,631	$	264,536		$	745,253	$	425,811	$	236,652	$	927,379
Liabilities:
	Notes and mortgages payable, net	$	1,613,451	$	296,953		$	397,398	$	186,433	$	142,783	$	589,884
	Accounts payable and accrued expenses		29,659		6,607			5,875		4,778		4,482		7,917
	Intangible liabilities, net		38,377		-			14,228		19,668		4,481		-
	Other liabilities		1,505		271			-		4		174		1,056
Total Liabilities			1,682,992		303,831			417,501		210,883		151,920		598,857
Total Equity			916,639		(39,295	)		327,752		214,928		84,732		328,522
Total Liabilities and Equity		$	2,599,631	$	264,536		$	745,253	$	425,811	$	236,652	$	927,379

⁽¹⁾ Represents 60 Wall and Oder-Center, Germany.

- 21 -

UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2020
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	63,194		$	10,908		$	16,348		$	8,529		$	5,292		$	22,117
Total operating expenses			25,940			6,411			6,675			3,391			1,906			7,557
Net operating income (2)			37,254			4,497			9,673			5,138			3,386			14,560
Depreciation and amortization			(30,182	)		(2,665	)		(10,572	)		(4,762	)		(3,055	)		(9,128	)
Interest and other income (loss), net			77			66			(8	)		-			(3	)		22
Interest and debt expense			(15,908	)		(2,673	)		(3,349	)		(1,857	)		(1,567	)		(6,462	)
Net loss before income taxes			(8,759	)		(775	)		(4,256	)		(1,481	)		(1,239	)		(1,008	)
Income tax expense			(37	)		-			(4	)		(15	)		(6	)		(12	)
Net loss		$	(8,796	)	$	(775	)	$	(4,260	)	$	(1,496	)	$	(1,245	)	$	(1,020	)
PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(4,570	)	$	(388	)	$	(2,854	)	$	(684	)	$	(610	)	$	(34	)
	Less: Step-up basis adjustment		(38	)		-			-			-			-			(38	)
	Add: Our share of earnings in excess of    distributions received from 712 Fifth Avenue		388			388			-			-			-			-
	PGRE's share of net loss		(4,220	)		-			(2,854	)		(684	)		(610	)		(72	)
	Add: Real estate depreciation and amortization		12,513			1,333			7,083			2,100			1,497			500
	FFO (2)		8,293			1,333			4,229			1,416			887			428
	Less: Our share of Earnings in excess of    distributions received from 712 Fifth Avenue		(388	)		(388	)		-			-			-			-
	Core FFO (2)	$	7,905		$	945		$	4,229		$	1,416		$	887		$	428
Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(4,226	)	$	(387	)	$	(1,406	)	$	(812	)	$	(635	)	$	(986	)
	Add: Real estate depreciation and amortization		17,707			1,332			3,489			2,662			1,558			8,666
	FFO/Core FFO (2)	$	13,481		$	945		$	2,083		$	1,850		$	923		$	7,680

⁽¹⁾ Represents 60 Wall and Oder-Center, Germany.

⁽²⁾ See page 36 for our definition of these measures.

- 22 -

UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)

		Three Months Ended March 31, 2019
					712 Fifth			111 Sutter
		Total			Avenue			Street			Other (1)
Total revenues		$	38,322		$	14,194		$	2,497		$	21,631
Total operating expenses			14,353			6,271			1,068			7,014
Net operating income (2)			23,969			7,923			1,429			14,617
Depreciation and amortization			(14,125	)		(2,830	)		(2,163	)		(9,132	)
Interest and other income (loss), net			98			93			9			(4	)
Interest and debt expense			(11,527	)		(2,646	)		(1,054	)		(7,827	)
Net (loss) income before income taxes			(1,585	)		2,540			(1,779	)		(2,346	)
Income tax expense			(8	)		-			-			(8	)
Net (loss) income		$	(1,593	)	$	2,540		$	(1,779	)	$	(2,354	)
PGRE's share
Ownership		Total			50.0%			49.0%			Various
	Net income (loss)	$	297		$	1,270		$	(872	)	$	(101	)
	Less: Step-up basis adjustment		(39	)		-			-			(39	)
	Less: Our share of earnings in excess of    distributions received from 712 Fifth Avenue		(1,270	)		(1,270	)		-			-
	PGRE's share of net loss		(1,012	)		-			(872	)		(140	)
	Add: Real estate depreciation and amortization		2,976			1,415			1,060			501
	FFO (2)		1,964			1,415			188			361
	Add: Our share of earnings in excess of    distributions received from 712 Fifth Avenue		1,270			1,270			-			-
	Core FFO (2)	$	3,234		$	2,685		$	188		$	361
Joint Venture Partners' share
Ownership		Total			50.0%			51.0%			Various
	Net (loss) income	$	(1,890	)	$	1,270		$	(907	)	$	(2,253	)
	Add: Real estate depreciation and amortization		11,176			1,415			1,103			8,658
	FFO/Core FFO (2)	$	9,286		$	2,685		$	196		$	6,405

⁽¹⁾ Represents 60 Wall and Oder-Center, Germany.

⁽²⁾ See page 36 for our definition of these measures.

- 23 -

CAPITAL STRUCTURE

(unaudited and in thousands, except share, unit and per share amounts)

			As of March 31, 2020
Debt:
	Consolidated debt:
		Notes and mortgages payable (1)	$	3,812,716
		$1.0 billion Revolving Credit Facility		200,000
				4,012,716
	Less:
		Noncontrolling interests' share of consolidated debt (2)		(661,036	)
	Add:
		PGRE's share of unconsolidated joint venture debt (3)		604,112
	PGRE's Share of Total Debt (4)			3,955,792

		Shares / Units		Share Price as of
Equity:		Outstanding		March 31, 2020
	Common stock		221,750,408	$	8.80		1,951,404
	Operating Partnership units		20,583,820		8.80		181,138
	Total equity		242,334,228		8.80		2,132,542
Total Market Capitalization						$	6,088,334

⁽¹⁾ Represents contractual amount due pursuant to the respective debt agreements.

⁽²⁾ Represents noncontrolling interests’ share of One Market Plaza and 300 Mission Street.

⁽³⁾ Represents our share of Market Center, 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 60 Wall Street and Oder-Center, Germany.

⁽⁴⁾ See page 36 for our definition of this measure.

- 24 -

DEBT ANALYSIS

(unaudited and in thousands)

		Total Debt						Fixed Rate Debt						Variable Rate Debt
Consolidated Debt:		Amount			Rate			Amount			Rate			Amount			Rate
	1633 Broadway	$	1,250,000			2.99	%	$	1,250,000			2.99	%	$	-			-
	1301 Avenue of the Americas		850,000			3.20	%		500,000			3.05	%		350,000			3.43	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		237,716			3.65	%		237,716			3.65	%		-			-
	Revolving Credit Facility		200,000			1.96	%		-			-			200,000			1.96	%
Total consolidated debt			4,012,716			3.38	%		3,462,716			3.45	%		550,000			2.89	%
Noncontrolling interests' share			(661,036	)		3.94	%		(661,036	)		3.94	%		-			-
PGRE's share of consolidated debt		$	3,351,680			3.27	%	$	2,801,680			3.34	%	$	550,000			2.89	%
Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		402,000			3.07	%		402,000			3.07	%		-			-
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street		145,988			3.74	%		-			-			145,988			3.74	%
	60 Wall Street		575,000			3.16	%		-			-			575,000			3.16	%
	Oder-Center, Germany		18,538			4.62	%		18,538			4.62	%		-			-
Total unconsolidated debt			1,629,026			3.33	%		908,038			3.37	%		720,988			3.27	%
Joint venture partners' share			(1,024,914	)		3.32	%		(404,268	)		3.46	%		(620,646	)		3.23	%
PGRE's share of unconsolidated debt		$	604,112			3.35	%	$	503,770			3.30	%	$	100,342			3.57	%
PGRE's share of Total Debt (1)		$	3,955,792			3.28	%	$	3,305,450			3.33	%	$	650,342			3.00	%

Revolving Credit Facility Covenants: (2)		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		44.0	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		43.7	%		Consolidated fixed rate debt	$	2,801,680
	Fixed Charge Coverage	Greater than 1.5x	3.6x				Unconsolidated fixed rate debt		503,770
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,305,450		83.6	%
	Unencumbered Interest Coverage	Greater than 1.75x	31.8x			Variable rate debt:
							Consolidated variable rate debt		550,000
							Unconsolidated variable rate debt		100,342
							PGRE's share of variable rate debt		650,342		16.4	%
							PGRE's share of Total Debt (1)	$	3,955,792		100.0	%

^{__________________________________________________}

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ This section presents ratios as of March 31, 2020 in accordance with the terms of our revolving credit facility, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the revolving credit facility.

- 25 -

DEBT MATURITIES

(unaudited and in thousands)

Consolidated Debt:		2020			2021			2022			2023			2024			Thereafter			Total
	1301 Avenue of the Americas	$	-		$	850,000		$	-		$	-		$	-		$	-		$	850,000
	300 Mission Street		-			-			-			237,716			-			-			237,716
	One Market Plaza		-			-			-			-			975,000			-			975,000
	1633 Broadway		-			-			-			-			-			1,250,000			1,250,000
	31 West 52nd Street		-			-			-			-			-			500,000			500,000
	Revolving Credit Facility		-			-			200,000			-			-			-			200,000
Total consolidated debt			-			850,000			200,000			237,716			975,000			1,750,000			4,012,716
Noncontrolling interests' share			-			-			-			(163,786	)		(497,250	)		-			(661,036	)
PGRE's share of consolidated debt		$	-		$	850,000		$	200,000		$	73,930		$	477,750		$	1,750,000		$	3,351,680
Unconsolidated Joint Venture Debt:
	60 Wall Street	$	-		$	-		$	575,000		$	-		$	-		$	-		$	575,000
	Oder-Center, Germany		-			-			18,538			-			-			-			18,538
	111 Sutter Street		-			-			-			145,988			-			-			145,988
	Market Center		-			-			-			-			-			402,000			402,000
	712 Fifth Avenue		-			-			-			-			-			300,000			300,000
	55 Second Street		-			-			-			-			-			187,500			187,500
Total unconsolidated debt			-			-			593,538			145,988			-			889,500			1,629,026
Joint venture partners' share			-			-			(562,969	)		(74,454	)		-			(387,491	)		(1,024,914	)
PGRE's share of unconsolidated debt		$	-		$	-		$	30,569		$	71,534		$	-		$	502,009		$	604,112
PGRE's Share of Total Debt (1)		$	-		$	850,000		$	230,569		$	145,464		$	477,750		$	2,252,009		$	3,955,792
Weighted average rate			-	%		3.20	%		2.13	%		3.69	%		4.03	%		3.24	%		3.28	%
% of debt maturing			-	%		21.5	%		5.8	%		3.7	%		12.1	%		56.9	%		100.0	%

⁽¹⁾ See page 36 for our definition of this measure.

- 26 -

PORTFOLIO SUMMARY

(unaudited and in thousands, except square feet and per square foot amounts)

		Paramount			Number of		Square		%			%			Annualized Rent (1)
Property	Submarket	Ownership			Buildings		Feet		Leased (1)			Occupied (1)			Amount		Per Square Foot (2)
As of March 31, 2020
New York:
1633 Broadway (3)	West Side		100.0	%		1		2,499,105		98.4	%		98.4	%	$	183,724	$	76.48
1301 Avenue of the Americas	Sixth Avenue / Rock Center		100.0	%		1		1,765,688		99.0	%		98.1	%		137,719		79.81
1325 Avenue of the Americas	Sixth Avenue / Rock Center		100.0	%		1		810,993		91.8	%		90.4	%		48,627		67.71
31 West 52nd Street	Sixth Avenue / Rock Center		100.0	%		1		763,140		98.3	%		97.5	%		70,803		92.53
900 Third Avenue	East Side		100.0	%		1		591,401		82.4	%		76.4	%		31,841		70.54
712 Fifth Avenue	Madison / Fifth Avenue		50.0	%		1		543,411		75.2	%		71.1	%		44,255		114.55
60 Wall Street	Downtown		5.0	%		1		1,625,483		100.0	%		100.0	%		73,600		45.28	(4)
Subtotal / Weighted average						7		8,599,221		95.6	%		94.6	%		590,569		73.08
PGRE's share						7		6,783,469		95.5	%		94.3	%		498,529		78.77
San Francisco:
One Market Plaza	South Financial District		49.0	%		2		1,586,598		98.2	%		98.0	%		138,425		87.85
Market Center	South Financial District		67.0	%		2		745,446		95.6	%		93.3	%		57,484		82.27
300 Mission Street	South Financial District		31.1	%		1		660,702		99.1	%		58.9	%		28,046		72.14
One Front Street	North Financial District		100.0	%		1		643,307		100.0	%		98.8	%		51,000		79.53
55 Second Street	South Financial District		44.1	%		1		379,621		95.7	%		95.7	%		27,550		76.05
111 Sutter Street	North Financial District		49.0	%		1		276,431		86.3	%		86.2	%		18,687		79.17
Subtotal / Weighted average						8		4,292,105		97.2	%		90.3	%		321,192		82.29
PGRE's share						8		2,428,531		97.4	%		93.1	%		187,371		82.25
Subtotal / Weighted average						15		12,891,326		96.1	%		93.2	%		911,761	$	76.10
PGRE's share						15		9,212,000		96.0	%		94.0	%		685,900	$	79.70
Discontinued Operations
1899 Pennsylvania Avenue (5)	CBD		100.0	%		1		190,955		90.4	%		90.4	%		15,050		86.61
Total / Weighted average						16		13,082,281		96.1	%		93.1	%		926,811	$	76.25
PGRE's share						16		9,402,955		95.9	%		93.9	%		700,950	$	79.84

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ Represents office and retail space only.

⁽³⁾ On March 27, 2020, we entered into an agreement to sell a 10.0% interest in 1633 Broadway for $240.0 million (based on a property valuation of $2.4 billion, or $960 per square foot). The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of 2020.

⁽⁴⁾ Represents “triple-net” rent.

⁽⁵⁾ On March 6, 2020, we entered into an agreement to sell 1899 Pennsylvania Avenue, a 191,000 square foot office building located in Washington, D.C. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2020.

- 27 -

SAME STORE LEASED OCCUPANCY

(unaudited)

				As of March 31, 2020						As of December 31, 2019						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % (1)			Leased % (1)			Leased % (1)			Leased % (1)			Leased %
New York:
1633 Broadway		100.0	%		98.4	%		98.4	%		98.4	%		98.4	%		-	%
1301 Avenue of the Americas		100.0	%		99.0	%		99.0	%		99.4	%		99.4	%		(0.4	%)
1325 Avenue of the Americas		100.0	%		91.8	%		91.8	%		91.1	%		91.1	%		0.7	%
31 West 52nd Street		100.0	%		98.3	%		98.3	%		97.5	%		97.5	%		0.8	%
900 Third Avenue		100.0	%		82.4	%		82.4	%		83.4	%		83.4	%		(1.0	%)
712 Fifth Avenue		50.0	%		75.2	%		75.2	%		74.2	%		74.2	%		1.0	%
60 Wall Street		5.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
Weighted average					95.6	%		95.6	%		95.6	%		95.6	%		-	%
PGRE's share					95.5	%		95.5	%		95.5	%		95.5	%		-	%
San Francisco:
One Market Plaza		49.0	%		98.2	%		98.2	%		98.4	%		98.4	%		(0.2	%)
Market Center		67.0	%		95.6	%		95.6	%		95.6	%		95.6	%		-	%
300 Mission Street		31.1	%		99.1	%		99.1	%		100.0	%		100.0	%		(0.9	%)
One Front Street		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
55 Second Street		44.1	%		95.7	%		95.7	%		95.7	%		95.7	%		-	%
111 Sutter Street		49.0	%		86.3	%		86.3	%		86.3	%		86.3	%		-	%
Weighted average					97.2	%		97.2	%		97.4	%		97.4	%		(0.2	%)
PGRE's share					97.4	%		97.4	%		97.5	%		97.5	%		(0.1	%)
Weighted average					96.1	%		96.1	%		96.2	%		96.2	%		(0.1	%)
PGRE's share					96.0	%		96.0	%		96.0	%		96.0	%		-	%
Discontinued Operations
1899 Pennsylvania Avenue		100.0	%		90.4	%		-	%		90.4	%		-	%		-	%
Weighted average					96.1	%		96.1	%		96.1	%		96.2	%		(0.1	%)
PGRE's share					95.9	%		96.0	%		95.9	%		96.0	%		-	%

⁽¹⁾ See page 36 for our definition of this measure.

- 28 -

TOP TENANTS AND INDUSTRY DIVERSIFICATION

(unaudited and in thousands, except square feet and per square foot amounts)

									PGRE's Share of
						Total			Total						Annualized Rent (1)				% of
				Lease		Square Feet			Square Feet			% of Total					Per Square		Annualized
Top 10 Tenants:			Property	Expiration		Occupied			Occupied			Square Feet			Amount		Foot		Rent
As of March 31, 2020
	Barclays Capital, Inc.		1301 Avenue of the Americas	Dec-2020			497,418			497,418			5.3	%	$	33,163	$	66.67		4.7	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031			320,911			320,911			3.4	%		29,315		91.35		4.2	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024			328,992			328,992			3.5	%		29,173		88.67		4.2	%
	Credit Agricole Corporate &
		Investment Bank	1301 Avenue of the Americas	Feb-2023			312,679			312,679			3.3	%		27,285		87.26		3.9	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Sep-2034	(2)		320,325	(2)		320,325	(2)		3.4	%		27,004		84.30		3.9	%
	First Republic Bank		One Front Street	Jun-2025	(3)		338,602	(3)		338,602	(3)		3.6	%		26,386		77.93		3.8	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032			260,829			260,829			2.8	%		19,974		76.58		2.8	%
	WMG Acquisition Corp.
		(Warner Music Group)	1633 Broadway	Jul-2029			296,344			296,344			3.2	%		19,492		65.77		2.8	%
	Showtime Networks, Inc.		1633 Broadway	Jan-2026			261,196			261,196			2.8	%		16,773		64.22		2.4	%
	Kasowitz Benson Torres &
		Friedman, LLP	1633 Broadway	Mar-2037			203,394			203,394			2.2	%		15,024		73.87		2.1	%

		PGRE's Share of
		Square Feet		% of Occupied			Annualized		% of
Industry Diversification:		Occupied		Square Feet			Rent (1)		Annualized Rent
As of March 31, 2020
	Legal Services		1,905,207		21.6	%	$	157,140		22.4	%
	Financial Services - Commercial and Investment Banking		1,865,373		21.1	%		141,446		20.2	%
	Technology and Media		1,798,051		20.4	%		134,335		19.2	%
	Financial Services, all others		1,295,255		14.7	%		115,092		16.4	%
	Insurance		480,324		5.4	%		42,352		6.0	%
	Travel & Leisure		203,575		2.3	%		14,338		2.0	%
	Retail		133,412		1.5	%		14,049		2.0	%
	Real Estate		171,247		1.9	%		13,909		2.0	%
	Consumer Products		128,715		1.5	%		9,073		1.3	%
	Other		847,643		9.6	%		59,216		8.5	%

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ 116,462 of the square feet leased expires on March 31, 2032.

⁽³⁾ 76,999 and 10,952 of the square feet leased expire on December 31, 2029 and December 31, 2030, respectively.

- 29 -

LEASING ACTIVITY ⁽¹⁾

(unaudited)

	Total			New York			San Francisco
Three Months Ended March 31, 2020
Total square feet leased		206,784			48,872			157,912
PGRE's share of total square feet leased:		126,068			44,604			81,464
Initial rent (2)	$	91.59		$	73.24		$	101.64
Weighted average lease term (in years)		4.8			4.0			5.2
Tenant improvements and leasing commissions:
Per square foot	$	33.36		$	32.23		$	33.98
Per square foot per annum	$	6.99		$	7.97		$	6.56
Percentage of initial rent		7.6	%		10.9	%		6.5	%
Rent concessions:
Average free rent period (in months)		2.0			1.1			2.5
Average free rent period per annum (in months)		0.4			0.3			0.5
Second generation space: (2)
Square feet		104,308			36,322			67,986
Cash basis:
Initial rent (2)	$	90.17		$	65.16		$	103.53
Prior escalated rent (2)	$	68.65		$	62.72		$	71.82
Percentage increase		31.3	%		3.9	%		44.2	%
GAAP basis:
Straight-line rent (2)	$	91.14		$	65.16		$	105.02
Prior straight-line rent (2)	$	65.95		$	59.93		$	69.17
Percentage increase		38.2	%		8.7	%		51.8	%

⁽¹⁾ The leasing statistics, except for square feet leased, represent office space only.

⁽²⁾ See page 36 for our definition of this measure.

- 30 -

LEASE EXPIRATIONS – TOTAL PORTFOLIO

(unaudited and in thousands, except square feet and per square foot amounts)

		Total		PGRE's Share of
Year of		Square Feet		Square Feet		Annualized Rent (1)				%  of
Lease Expiration (2)		of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent
	Month to Month		26,433		18,075	$	2,224	$	82.85		0.3	%
	2Q 2020		17,219		11,887		893		73.86		0.2	%
	3Q 2020		86,442		62,022		4,562		73.56		0.6	%
	4Q 2020		61,214		37,927		3,087		82.16		0.4	%
	Total 2020		164,875		111,836		8,542		76.47		1.2	%
	1Q 2021		783,010		689,865		49,543		72.17		6.9	%
	Remaining 2021		361,586		318,996		23,217		78.39		3.2	%
	Total 2021		1,144,596		1,008,861		72,760		74.00		10.1	%
	2022		2,228,622		444,736		30,902		80.72		4.3	%
	2023		1,051,235		896,247		73,038		83.90		10.1	%
	2024		809,461		726,757		60,685		83.57		8.4	%
	2025		1,403,249		887,269		71,616		80.73		9.9	%
	2026		1,316,582		962,155		74,431		74.99		10.3	%
	2027		268,222		176,245		15,104		85.68		2.1	%
	2028		255,681		218,153		17,643		81.38		2.4	%
	2029		550,781		531,137		40,166		76.05		5.6	%
	Thereafter		3,347,914		3,031,835		253,569		83.19		35.3	%

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

⁽³⁾ Represents office and retail space only.

- 31 -

LEASE EXPIRATIONS – NEW YORK

(unaudited and in thousands, except square feet and per square foot amounts)

		Total		PGRE's Share of
Year of		Square Feet		Square Feet		Annualized Rent (1)				%  of
Lease Expiration (2)		of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent
	Month to Month		4,652		4,652	$	524	$	67.90		0.1	%
	2Q 2020		3,627		3,584		252		68.00		0.1	%
	3Q 2020		76,287		55,218		3,988		72.35		0.8	%
	4Q 2020		13,150		8,283		644		80.24		0.1	%
	Total 2020		93,064		67,085		4,884		73.00		1.0	%
	1Q 2021		604,008		593,949		41,420		70.20		8.2	%
	Remaining 2021		261,928		254,258		18,253		78.77		3.6	%
	Total 2021		865,936		848,207		59,673		72.53		11.8	%
	2022		1,799,051		239,563		13,208		72.25		2.6	%
	2023		552,946		528,899		41,124		81.77		8.1	%
	2024		608,942		597,225		49,499		82.99		9.8	%
	2025		296,470		251,421		21,869		86.98		4.3	%
	2026		655,139		632,151		48,534		73.04		9.6	%
	2027		85,378		85,378		7,337		85.93		1.5	%
	2028		147,554		136,133		11,120		82.29		2.2	%
	2029		517,960		514,366		38,890		76.04		7.7	%
	Thereafter		2,596,881		2,570,405		208,806		80.70		41.3	%

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

⁽³⁾ Represents office and retail space only.

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LEASE EXPIRATIONS – SAN FRANCISCO

(unaudited and in thousands, except square feet and per square foot amounts)

		Total		PGRE's Share of
Year of		Square Feet		Square Feet		Annualized Rent (1)				%  of
Lease Expiration (2)		of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent
	Month to Month		20,706		12,348	$	1,700	$	88.97		0.8	%
	2Q 2020		13,592		8,303		641		76.46		0.3	%
	3Q 2020		10,155		6,804		574		83.38		0.3	%
	4Q 2020		48,064		29,644		2,443		82.63		1.2	%
	Total 2020		71,811		44,751		3,658		81.64		1.8	%
	1Q 2021		174,685		91,599		7,757		84.32		3.9	%
	Remaining 2021		99,658		64,738		4,964		77.09		2.5	%
	Total 2021		274,343		156,337		12,721		81.34		6.4	%
	2022		425,840		201,442		17,485		86.66		8.7	%
	2023		363,511		232,570		19,652		84.70		9.8	%
	2024		200,519		129,532		11,186		86.23		5.6	%
	2025		1,106,779		635,848		49,747		78.25		24.9	%
	2026		633,197		301,758		23,703		78.76		11.8	%
	2027		182,844		90,867		7,767		85.44		3.9	%
	2028		108,127		82,020		6,523		79.86		3.3	%
	2029		32,821		16,771		1,276		76.10		0.6	%
	Thereafter		750,510		460,907		44,743		97.08		22.4	%

⁽¹⁾ See page 36 for our definition of this measure.

⁽²⁾ Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

⁽³⁾ Represents office and retail space only.

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LEASE EXPIRATIONS – Other ⁽¹⁾

(unaudited and in thousands, except square feet and per square foot amounts)

		Total		PGRE's Share of
Year of		Square Feet		Square Feet		Annualized Rent (2)				%  of
Lease Expiration (3)		of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (4)		Annualized Rent
	Month to Month		1,075		1,075	$	-	$	-		-	%
	2Q 2020		-		-		-		-		-	%
	3Q 2020		-		-		-		-		-	%
	4Q 2020		-		-		-		-		-	%
	Total 2020		-		-		-		-		-	%
	1Q 2021		4,317		4,317		366		84.74		2.4	%
	Remaining 2021		-		-		-		-		-	%
	Total 2021		4,317		4,317		366		84.74		2.4	%
	2022		3,731		3,731		209		55.96		1.4	%
	2023		134,778		134,778		12,262		89.62		81.5	%
	2024		-		-		-		-		-	%
	2025		-		-		-		-		-	%
	2026		28,246		28,246		2,194		77.66		14.6	%
	2027		-		-		-		-		-	%
	2028		-		-		-		-
	2029		-		-		-		-		-	%
	Thereafter		523		523		20		30.00		0.1	%

⁽¹⁾ Represents lease expirations of 1899 Pennsylvania Avenue, which is classified as discontinued operations.

⁽²⁾ See page 36 for our definition of this measure.

⁽³⁾ Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

⁽⁴⁾ Represents office and retail space only.

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CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)

	Three Months Ended March 31, 2020
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	4,709	$	3,738	$	936	$	35
Second generation tenant improvements		19,726		16,243		3,483		-
Second generation leasing commissions		4,207		1,220		2,987		-
First generation leasing costs and capital expenditures		-		-		-		-
Total Capital Expenditures	$	28,642	$	21,201	$	7,406	$	35
Redevelopment Expenditures: (1)
One Market Plaza	$	2,044	$	-	$	2,044	$	-
Other		2,958		2,171		787		-
Total Redevelopment Expenditures	$	5,002	$	2,171	$	2,831	$	-

	Three Months Ended March 31, 2019
	Total		New York		San Francisco		Other
Capital Expenditures: (1)
Expenditures to maintain assets	$	3,535	$	2,312	$	1,022	$	201
Second generation tenant improvements		14,196		11,568		2,557		71
Second generation leasing commissions		1,310		1,026		284		-
First generation leasing costs and capital expenditures		847		-		847		-
Total Capital Expenditures	$	19,888	$	14,906	$	4,710	$	272
Redevelopment Expenditures: (1)
31 West 52nd Street (Lobby Renovation)	$	3,148	$	3,148	$	-	$	-
One Market Plaza		1,689		-		1,689		-
Other		4,186		2,420		1,766		-
Total Redevelopment Expenditures	$	9,023	$	5,568	$	3,455	$	-

⁽¹⁾ See page 36 for our definition of this measure.

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DEFINITIONS

We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP.

Funds from Operations (“FFO”) is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. FFO attributable to common stockholders represents the Company’s share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests’ share of FFO in consolidated joint ventures, real estate funds and Operating Partnership.

Core Funds from Operations (“Core FFO”) is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs, realized and unrealized gains or losses on real estate fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core FFO is not intended to be a measure of cash flow or liquidity. Core FFO attributable to common stockholders represents the Company’s share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests’ share of Core FFO in consolidated joint ventures, real estate funds and Operating Partnership.

Funds Available for Distribution (“FAD”) is a supplemental measure of our operating performance and is calculated as Core FFO adjusted for (i) capital expenditures to maintain assets, (ii) tenant improvements and leasing commissions incurred for second generation leases, (iii) straight-line rent adjustments, (iv) amortization of above and below-market leases, (v) amortization of stock-based compensation expense and (vi) amortization of deferred financing costs. FAD is commonly used in the real estate industry along with cash flow from operating activities as a measure of the ability to generate cash from operations and the ability to fund cash needs and make distributions to our stockholders. FAD provides information regarding our operating performance that would not otherwise be available and is useful to investors and analysts in assessing our operating performance. Additionally, although FAD is not intended to be a liquidity measure, as it does not make adjustments for the changes in working capital, we believe that FAD may provide investors and analysts with useful supplemental information regarding our ability to generate cash from operations and our ability to make distributions to our stockholders. Furthermore, we believe that FAD is frequently used by investors and analysts in evaluating our performance as a REIT. FAD attributable to common stockholders represents the Company’s share of FAD that is attributable to common stockholders and is calculated by reducing from FAD, the noncontrolling interests’ share of FAD in consolidated joint ventures, real estate funds and Operating Partnership.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) is a supplemental measure of our operating performance. EBITDAre is presented in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, net gains from sales of depreciated real estate assets and impairment losses on depreciable real estate, including our share of such adjustments of unconsolidated joint ventures. EBITDAre provides information regarding our operating performance that would not otherwise be available and may be useful to an investor in assessing our ability to incur and service debt. EBITDAre should not be considered as an indication of our financial performance or a measure of our cash flow or liquidity. We also present PGRE’s share of EBITDAre which represents our share of EBITDAre generated by our consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

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DEFINITIONS - CONTINUED

Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate funds, unrealized gains or losses on interest rate swaps, transaction related costs, gains or losses on early extinguishment of debt and certain other items that may vary from period to period. Adjusted EBITDAre enhances the comparability of EBITDAre across periods. In future periods, we may also exclude other items from Adjusted EBITDAre that we believe may help investors compare our results. We also present PGRE’s share of Adjusted EBITDAre, which represents our share of Adjusted EBITDAre generated by our consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets.

Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at property level.

Same Store NOI is used to measure the operating performance of properties in our New York and San Francisco portfolios that were owned by us in a similar manner during both the current period and prior reporting periods, and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases.

PGRE’s Share of Total Debt represents our share of debt of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We believe that PGRE’s share of total debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes the noncontrolling interests’ share of debt from consolidated joint ventures that is attributable to our partners.

Annualized Rent represents the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12.

Leased % represents percentage of square feet that is leased, including signed leases not yet commenced.

Same Store Leased % represents percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods and not classified as discontinued operations.

Occupied % represents the percentage of space for which we have commenced rental revenue in accordance with GAAP.

Initial Rent represents the weighted average cash basis starting rent per square foot and does not include free rent or periodic step-ups in rent.

Prior Escalated Rent represents the weighted average cash basis rent (including reimbursements) per square foot at expiration.

Second Generation Space represents space leased that has been vacant for less than twelve months.

Capital Expenditures consist of expenditures to maintain assets, tenant improvement allowances and leasing commissions. Expenditures to Maintain Assets include capital expenditures to maintain current revenues. Second Generation Tenant Improvements and Leasing Commissions represent tenant improvements and leasing commissions incurred in leasing second generation space. First Generation Leasing Costs and Other Capital Expenditures include capital expenditures completed in the year of acquisition and the following two years that were planned at the time of acquisition, as well as tenant improvements and leasing commissions on space leased that has been vacant for more than twelve months. Development Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.

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